pages: CityCouncil/2007-08-07.pdf, 20
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CityCouncil | 2007-08-07 | 20 | cents per hour Attachment 14 shows that the parking rate would be fifty cents per hour, and that the hourly charge would be kept current by reasonable adjustments for inflation, but with minimum adjustments in twenty-five cent increments inquired whether opportunities would be available to review the parking rates beyond the period stipulated in the DDA. The Development Services Director responded the referenced attachment stipulates the operating parameters in the first couple of years of operation; stated rates could be adjusted. Commissioner Tam inquired whether there is any frequency limitation [to rate increases], to which the Development Services Director responded in the negative. Commissioner Tam stated that Table 1 shows a net balance of $255,281, which escalates to $1,200,803 in 2027; occupancy is estimated at 45% to 50%; inquired whether said estimate would provide enough reserve funding; further inquired whether shortfalls exist; stated the existing parking revenue is subsidizing the garage; inquired whether the existing parking meter revenue is Citywide. The Development Services Director responded in the affirmative. stated predominate collections are in the Park Street business area where there are more meters. the City would determine how to make payments in the future; the Brownfields Economic Development Initiative (BEDI) funds enter the cash flow in 2007 through 2009; different revenue sources come into the cash flow four to five years later; restructuring opportunities would be available; currently, a conservative approach is being taken where the debt service payment would have a coverage of $1.25 million plus the fund balance; the debt could be covered by using the fund balance at a ratio of 2.0. Commissioner deHaan stated the parking meter revenue was mandated to help establish additional parking by ordinance; inquired what is the gross parking meter revenue. The Finance Director responded approximately $500,000 per year. Commissioner deHaan inquired whether any overhead is taken from the $500,000. The Development Services Director responded the net revenue would be provided. Special Joint Meeting 4 Alameda City Council and Community Improvement Commission August 7, 2007 | CityCouncil/2007-08-07.pdf |